PRESS RELEASE 1 February 2012
PROPOSED FEES FOR COLLECTIVE INVESTMENT FUNDS AND FUND SERVICES BUSINESSES
The Commission has today published a Consultation Paper setting out the proposed fees for Collective Investment Funds and Fund Services Businesses.
The base line application and annual fees for Collective Investment Funds have not increased since 2002. The proposed increases are significant but where possible they have been kept in line with, or below the cumulative annual Jersey Retail Price Index since 2002 or from the date of the last increase. If agreed, the proposed fees will take effect from 1 July 2012.
The increase in fees is required at this time to partly fund the existing operational needs for this sector, as these are running at a significant annual deficit which is currently being covered by the Commission’s Reserves. The increase also reflects the identified need for additional policy resources necessary for Jersey to continue to align its regulations with International Standards and emerging European Union (EU) requirements.
Responses to the Consultation Paper are invited and should be provided, in writing, to the Commission in line with the timescale stated in the Consultation Paper.
The Consultation Paper may be viewed on the Commission’s Website by clicking here.
Paper copies may be obtained from the Commission’s reception area.
- Ends -
For further information please contact: -
Roy Geddes - Deputy Director, Securities
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822098
Fax: + 44 (0) 1534 822047
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The four Regulatory Laws are: the Banking Business (Jersey) Law 1991; the Collective Investment Funds (Jersey) 1988; the Financial Services (Jersey) Law 1998; and the Insurance Business (Jersey) Law 1996.
Examples of the significant increase in funds’ policy work are:
- The revised International Organisation of Securities Commissions (IOSCO) Methodology in respect of the implementation of IOSCO Principles, which Principles are used as benchmarks for international assessments carried out by organisations such as the International Monetary Fund (IMF).
- The EU’s Alternative Investment Fund Managers Directive (AIFMD), as third countries (those outside of the EU) will need to satisfy certain requirements in order to access EU markets.
The Consultation Paper is available from the Commission’s website: www.jerseyfsc.org/the_commission/general_information/consultation_papers/index.asp